EQUATE Group reports 65% decrease in net income for Q3-2019 compared to same period last year

EQUATE Group reports 65% decrease in net income for Q3-2019 compared to same period last year
Published: 29 October 2019 - 4 a.m.
By: Martin Menachery
EQUATE Group announced its Q3-2019 unaudited earnings, reporting $264mn in EBITDA, a 52% decrease from $547mn in Q3-2018, and $811mn in revenue, a 35% decrease from $1,247mn in Q3-2018.

Net income after tax stood at $143mn in Q3-2019, a 65% decrease from $406mn in the same period last year.

Commenting on the results, Dr Ramesh Ramachandran, CEO and president of EQUATE Group, said: “We continue to see steady demand in the market but are experiencing compressed margins due to uncertainty related to tariffs notably in Asia. EQUATE’s lowest cost position at all of its assets across the globe allows us to continue to run at maximum rates.

Dr Ramachandran added: “We are very pleased to announce the start-up of the MEGlobal Oyster Creek, TX, site in October 2019, ahead of schedule and in line with budgets, once again demonstrating EQUATE’s operational excellence and ability to deliver on its commitments to customers and shareholders.

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